
Peapack-Gladstone Bank Mortgage Rates
Effective 5.22.23
Fixed-Rate Mortgages1 | Conforming and High Balance Loan Amounts
Program |
Rate |
Points |
Annual Percentage Rate |
# of Months |
Rate |
Amount |
Monthly Payment Per $1,000 |
Max. Loan2 |
Rate Lock Days |
---|---|---|---|---|---|---|---|---|---|
30 Year Fixed-Conforming**** | 7.000% | 0 | 7.180% | 360 | 7.000% | $1,995.91 | $6.65 | $726,200 | 45 |
15 Year Fixed-Conforming | 6.000% | 0 | 6.271% | 180 | 6.000% | $2,531.57 | $8.44 | $726,200 | 45 |
Affordable Housing Loan Programs3
Program |
Rate |
Points |
Annual Percentage Rate |
# of Months |
Rate |
Amount |
Monthly Payment Per $1,000 |
Max. Loan2 |
Rate Lock Days |
---|---|---|---|---|---|---|---|---|---|
30 Year Fixed-Affordable Housing | 5.500% | 0 | 5.653% | 360 | 5.500% | $1,703.37 | $5.68 | N/A | 60 |
30 Year Fixed-Affordable Housing*** | 5.750% | 0 | 5.907% | 360 | 5.750% | $1,750.72 | $5.84 | N/A | 60 |
Adjustable-Rate Mortgages1,4
Program |
Rate |
Points |
Annual Percentage Rate |
# of Months |
Rate |
Amount |
Monthly Payment Per $1,000 |
Max. Loan2 |
Rate Lock Days |
---|---|---|---|---|---|---|---|---|---|
3/6 mo SOFR ARM****
CAPS: 2/2/6
|
5.875% | 0 | 7.420% |
36
323
1
|
5.875%
7.750%
7.750%
|
$1,774.61
$2,123.73
$2,128.53
|
$5.92
$7.08
$7.10
|
$1,250,000 | 60 |
5/6 mo SOFR ARM****
CAPS: 2/2/5
|
5.750% | 0 | 7.105% |
60
299
1
|
5.750%
7.750%
7.750%
|
$1,750.72
$2,101.98
$2,100.38
|
$5.84
$7.01
$7.00
|
$1,250,000 | 60 |
7/6 mo SOFR ARM****
CAPS: 5/2/5
|
5.750% | 0 | 6.871% |
84
275
1
|
5.750%
7.750%
7.750%
|
$1,750.72
$2,080.96
$2,084.20
|
$5.84
$6.94
$6.95
|
$1,250,000 | 60 |
Payments do not include amounts for taxes and insurance. Actual payment obligation will be greater.
30-Day Average SOFR | 4.96%
|
Margin | 2.75%
|
1Please call for rate quotes for loan amounts over the maximum loan amounts listed.
2Maximum LTV without mortgage insurance is 80% for loan amounts up to $1,500,000. Call for maximum loan amounts for LTV over 80%. Payment schedules are based on a loan amount of $650,000.
3Please call for rate quotes and maximum income limit per county.
***30 Year Fixed Rate -Affordable Housing product will be offered at 5.750% with a $2,500.00 closing cost credit.
***30 Year Fixed Rate -Affordable Housing product will be offered at 5.750% with a $2,500.00 closing cost credit.
****Loans held in Bank's portfolio: For Investment Properties, 1% origination fee is charged OR .375% added to interest rate.
4The APR for the Adjustable Rate Mortgages (ARMs) are based on a 30-year term with ARM caps: for the 3/6 mo ARM: 2% max 1st adjustment, 2% per subsequent adjustment & 6% lifetime; for the 5/6 mo ARM: 2% max 1st adjustment, 2% per subsequent adjustment & 5% lifetime; for the 7/6 mo ARM: 5% max 1st adjustment, 2% per subsequent adjustment & 5% lifetime. After the initial period, rates and payments are based on the current index plus a margin. APR may increase after closing.
BANK FEES
Application | $500.00 | Flood Certification and Life of Loan | $15.00 | Credit Report - Joint | $76.00 |
Appraisal | $525 to $800 | Attorney Review | $250.00 | Credit Report - Individual | $38.00 |
Tax Service | $116.00 |